TaxTMI 
TaxTMI 
2025 (6) TMI 78
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....unsel Mr. Varun Patel for the respondent. 2. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Varun Patel waives service of notice of rule for the respondent. 3. Having regard to the controversy involved which is in narrow compass, with the consent of the learned advocates for the parties, the matter is taken up for hearing. 4. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the legality and validity of the notice dated 31.03.2021 issued under section 148 of the Income Tax Act, 1961 [for short 'the Act'] for the Assessment Year 2016-17. 5. The petitioner-Company was engaged in the business of construction and development of real estate. It is the case of the petitioner that fo....
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....lected for scrutiny. No assessment order u/s. 143 (3) or 147 of the Act was passed. 10. Thereafter, the respondent issued impugned notice u/s. 148 of the Act for Assessment Year 2016-17 dated 31.03.2021 seeking to reopen the case of the petitioner after recording reasons for disallowance under section 80IB (10) is not allowable in view of the findings of the Assessing Officer for A.Y. 2012-13. 11. The reasons recorded for reopening are as under: "ANNEXURE 1. Brief Details of the Assessee: The assessee company had filed its return of income u/s 139 (1) of the Act for A.Y. 2016-17 on 05/09/2016 after claiming deduction u/s 80-IB (10) of the Act amounting to Rs. 6,49,57,401/-, The assessee company had also paid tax u/s. 115JB on book prof....
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....essee neither received B.U. permission for remaining 380 units/flats in the said project of total 860 units nor has filed any application to obtain the B.U. permission for remaining 380 units before AUDA. Furthermore, AUDA has stated in its letter dated 21.01.2014 that B.U. permission was not granted for the 380 units as remaining blocks were incomplete with respect to GDCR. Therefore, it can be seen that the residential project Venus Parkland was not completed as on 31.3.2012 as prescribed by the Act. It is pertinent to mention here that adhering to the timelines for completion of the project is one of the primary conditions for being eligible to claim deduction under section 80IB (10) of the Act. 3. Analysis of the information collecte....